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Mattioli Woods acquires Atkinson Bolton in £6m deal
IFA and Sipp provider Mattioli Woods has acquired Atkinson Bolton in a deal worth £6 million.
Mattioli has bought the entire share capital of Atkinson’s parent company Thoroughbred Wealth Management for up to £5.9 million.
Mattioli will pay an initial £3.24 million, compromising of £357,000 in cash and 946,256 new shares.
There will be a deferred consideration of £2.75 million payable in cash over four years.
Atkinson Bolton director Simon Gibson (pictured) said there was 'no short term view' to changing the name or brand of his firm, and he intended to stay independent. He said there were ongoing discussions about charges and proposition.
'It makes sense for us to find out what they are doing, and likewise it makes sense for them to find out about us,' he said. 'I look forward to learning about each other so it can bring benefits to our mutual clients.'
Atkinson Bolton's management team will be retained after the acquisition. The firm, which has discretionary permissions and runs its own distributor influenced funds, has around £420 million in assets under advice and management.
Gibson said Atkinson Bolton would enjoy the benefits of scale from Mattioli and also from its Sipp and SSAS administration facilities. There will be no changes to the 50-strong team in Newmarket.
'All the people here are the reason why Mattioli Woods has shown such interest in us, alongside our reputation and our standing in the financial services profession,' he said. 'It's business as usual - I can't stress that enough.'
Thoroughbred, the holding company for Atkinson Bolton, posted a profit before tax of £610,000 on revenues of £2.8 million for the year ended 31 December 2012.
Mattioli Woods chief executive Ian Mattioli said: ‘The acquisition of Atkinson Bolton is an excellent cultural and strategic fit, offering real synergies with the wider Mattioli Woods Group. This is another exciting step forward in our development as a broader wealth management business and offers us the ability to provide additional value-added services to clients of both firms.’
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